The following graph shows two known points (X and Y) on a demand curve for oranges. 1.According
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The following graph shows two known points (X and Y) on a demand curve for oranges.
1.According to the midpoint method, the price elasticity of demand for oranges between point X and point Y is approximately (0.03, 0.05, 0.63, 1.6) , which suggests that the demand for oranges is (elastic, inelastic)between points X and Y.
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